Oil prices jump 2.77% to $107.51/barrel after Houthi strikes on Saudi Arabia and Strait of Hormuz
Brent crude futures rose $2.90 to $107.51 per barrel following recent attacks on vessels and infrastructure in the Middle East.
Oil prices surged 2.77% to $107.51 per barrel as of Monday evening, driven by new military strikes in the region. Brent crude advanced $2.90 to reach this level after an initial market open spike exceeding 3%. The surge followed Houthi attacks on Saudi Arabia and Iranian strikes targeting commercial ships in the Gulf of Oman. Saudi Arabian state media confirmed damage to a mosque and homes in Jazan province, while the Houthis claimed to have struck a military base. In the Strait of Hormuz, a vessel fired at by a projectile sparked an evacuation after a fire broke out. Iran reported one civilian death and four crew injuries on a ship struck off its coast. This violence compounded earlier concerns over supply cuts from the East-West Saudi pipeline, which was shut down Friday by a drone strike originating in Iraq. That pipeline's closure threatens roughly 4% of global oil output. Supply disruptions remain the primary driver for the current upward price movement.
